National Bank analyst Rupert Merer downgraded Algonquin Power to Sector Perform from Outperform with a price target of C$13.50, down from C$14.25. The company’s Q3 results missed across the board, Merer tells investors in a research note. The company highlighted that the current challenging macroeconomic environment has forced it to re-evaluate its long-term targets and financial expectations, says the analyst. He believes Algonquin’s payout ratio "looks stretched."
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